Quote:
Originally Posted by TheDaddy
Sorry thought you meant they were going to take the Premier League to court over the points deduction.
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No prob
Brief recap for anyone not fully aware of the background then:
LFC board consists of: Martin Broughton (Chairman), Christian Purslow (Managing Director), Ian Ayre (Commercial Directoror) and the two shareholder owners Hicks and Gillett.
On Tuesday evening Martin Broughton called a board meeting to approve one of two bids on the table for the club. Before the meeting Tom Hicks attempted to remove Ian Ayre and Christian Purslow from the board replacing them with one of his sons and a director from his main investment vehicle: Hicks Holdings. This would give him a board majority sympathetic to his aim to block the bids as he maintains they were undervalued.
Broughton rejected the move to sack Purslow and Ayre on the basis that the owners had provided written guarantees on a number of counts: that neither of the owners would do anything to disrupt a sale at a reasonable fee and that Martin Broughton would have the final say in any changes to the board structure. These guarantees were provided as a condition of RBS extending the £237M loan repayment deadline in Easter.
It follows that the the board will now seek what's called a declaratory judgement in the high court to verify that Martin Broughton had acted in a proper manner. If the judgement is passed in the chairmans favour then the sale may proceed unless Hicks chooses to appeal, however: the appeal process is very swift.
Hearing is likely to be in chambers so it won't be in the court listings. Lord Grabiner QC will represent the club.